Advancing the Aamurusko High Grade Gold Discovery

May 2018

Forward-Looking Statements

This presentation includes 'Forward-Looking Statements' related to Aurion’s continued effort to advance its mineral exploration programs. When used in this presentation, the words "potential," "anticipate," "forecast," "believe," "estimate," "expect," "may," "project," "plan," and similar expressions are intended to be among the statements that identify 'Forward-Looking Statements.' Although Aurion Resources believes that its expectations reflected in these 'Forward-Looking Statements' are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings, viewed on the SEDAR website at www.sedar.com.

These uncertainties may cause our actual future results to be materially different than those expressed in our Forward-Looking Statements.

Aurion does not make any representation as to the accuracy, validity or completeness of any facts or information contained herein. Nothing herein constitutes either an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction.

Mike Basha, P.Eng., P.Geo., Aurion’s President and CEO, is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and has approved the technical disclosure and verified the technical information in this presentation.

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Why we are meeting today….

To present to you our new and evolving high grade Aamurusko gold discovery which is located within our Risti property in northern Finland.

In the fall of 2016, during our short third field season, we collected 525 rock samples over an area measuring 2.0 km by 3.0 km. These samples averaged 21.0 g/t Au. The highlight was an area measuring 1.0 km by 0.5 km where 133 rock samples assayed an average of 74.3 g/t Au, which we now call the Aamurusko Discovery.

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Large Quartz Vein Blocks with Visible Gold

VG next picture

Prospect Generator Model

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The prospect generator model has been proven to deliver outsized returns

Location: Quebec

Discovery: Eleonore

Commodity: Gold

Highlights:

• Sold Eleonore to Goldcorp for C$420M in 2005

• Sold Eleonore NSR to Osisko Royalties for C$520M in 2015

• Turned C$18M in total exploration expenditures into $1B

Location: Yukon

Discovery: Coffee

Commodity: Gold

Highlights:

• Goldcorp purchased Kaminak in 2016 for C$520M

• Share price grew 212% in 2016 from C$0.86 to C$2.69

Location: Serbia

Discovery: Timok

Commodity: Copper

Highlights:

• Optioned to Freeport McMoran

• At closing, Reservoir owned 100% of the Upper Timok Zone and 60.4% of the Lower Timok Zone

• Nevsun purchased Reservoir interest in the Timok Copper Project for US$575M

Location: Peru

Discovery: Pierina

Commodity: Gold

Highlights:

• Completed over 30 JV/Option agreements

• Purchased by Barrick Gold for C$1.1B in 1996

• Only 9 drill holes were completed on the project

Location: Multi

Discovery: N/A

Commodity: Multi

Highlights:

• IPO’d at C$0.20/share, currently trading for C$12.00/share

• Completed over 50 JV/option agreements

• Large Royalty Portfolio: VoiseysBay (Vale), 777, (Hudbay), Robust potash and coal royalties from assets run by majors

AREQUIPA RESOURCES

Business Proposition

Aurion Resources is a prospect generator focused on high-grade gold exploration in Finland’s highly-prospective, under-explored Central Lapland Greenstone Belt.

Aurion’s value creation strategy: Systematically and methodically generate and acquire high-quality, early-stage exploration opportunities that can be advanced primarily through joint ventures with credible partners.

Significant target-rich land position in emerging gold district• Aurion has 100% ownership of over 200,000 hectares in the Central Lapland Greenstone Belt• Highly prospective for orogenic gold deposits similar to West Africa and the Canadian Shield• Hosts Agnico Eagle’s Kittila Mine with +7M oz Au and +200 Koz /yr production • Underexplored – limited modern day exploration for gold

Risti Gold Property: 100% Aurion

• New, high grade gold discovery with district potential• 2757 samples averaged 10.1 g/t gold; wide open for expansion in all directions• High grade Aamurusko Gold Project– 717 samples averaged 33 g/t gold

Kutuvuoma Gold Project: JV with B2Gold

• Over 5 km long high-grade gold mineralized target with limited shallow drilling returned drill results up to 11.4 g/t Au over 13.3 m

• C$3.5 million 2018 exploration budget

Outa Gold Prospect: Non-Binding LOI with Kinross Gold (NEW)

• 15,000 ha grassroots prospect hosted in a similar setting to Aurion’s Risti Property

• Kinross to spend US$5M over the next 5 years to earn a 70% interest in the project 6

TECHNICAL TEAM

Mike Basha, CEO & Director - P. Geo, P.Eng (Geological Engineer)• 28 yrs experience in the minerals industry working for majors (Noranda) and several juniors• Successfully generated and joint ventured several projects with majors in Canada and Latin America

Eugene Flood, Technical Advisor – P. Geo (Specialist in geospatial mineral prospectivity analysis)• 32 yrs experience in exploration from recon to resource development, including 14 yrs focused on project and lead generation • Directly involved with grassroots gold discoveries at Ulu and Doris, Nunuvut

Mathias Forss, Exploration Manager – M.Sc. Geology• Co-founder & Managing Director of Scandinavian GeoPool, a geological consulting firm based in Finland• Specialist in project and land management for early to advanced exploration projects

CORPORATE DEVELOPMENT TEAM

David Lotan, Chairman – CA & CPA• President of LHI, an investment company focused on natural resource opportunities• Previous roles included founder and CEO of the structured finance operations of Polar Capital - a Canadian merchant bank and

alternative asset manager, acted as a portfolio manager for the Ontario Teachers’ Pension Plan

Mark Serdan, CFO – CA & CPA , CFA • 20-year career spanning both investment management and banking• Recipient of multiple Lipper awards for investment performance in precious metals, energy and natural resources

Gordon Fernandes, Advisor• Seasoned capital markets professional with significant transaction experience in the mining sector• Previously held senior roles inside Canadian asset managers and investment banks

Miles Thompson, Advisor• Professional geologist with 25+ years experience• Founder and Chairman of Reservoir Minerals who discovered the Timok Copper Project – Acquired by Nevsun Resources

Key Personnel

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Ownership and Capital Structure

Clean capital structure with strong management ownership and high-quality institutional support

Fully funded (Cash balance of $19.7M - Last financing Sept 2017 $15.9 M at $2.32)

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17.4%

8.2%

8.8%

9.8%20.3%

1.3%

34.2%

Mgmt & Board

Friends & Family

Kinross Gold

Family Offices

Institutional

AngloAmerican

Other Retail

• 74.1 M shares outstanding (FD)

• FD Market Cap: C$51.8 M (As of April 20th, 2018)

Key Institutional Investors:

• High Geological Prospectivity• Several world class deposits and prospects

• Kittila (Au)• Kevitsa (Ni-Cu-PGM)• Sakatti (Ni-Cu-PGM)

• Underexplored – only open to foreign explorer/miners in mid-1990’s after Finland joined EU• Exploration previously driven by state mining company Outukumpu and the Geological Survey of

Finland (GTK) looking for base metals• Low drill density and shallow depth

• Stable government and transparent regulatory regimes • Consistently ranks in the top 5 Fraser Institute Survey- #1 for Global Mining Investment in 2017• Low corruption index

• Fair and stable fiscal / tax systems• corporate tax rate 24.5% ; lowered to 20% to attract investment• Small royalties

• Skilled and educated workforce

• Access to infrastructure and Data• Roads, power, etc• Exceptional foundational geoscientific databases (GTK, Outukumpu, TUKES) at free or minimal cost

• Support by local government and community for responsible mineral development

Why Finland?

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Aurion controls 200,000 ha of land tenements in the CLGB

Underexplored:• CLGB compares well with other

well endowed greenstone belts but has seen minimal regional scale exploration

Highly Prospective:• Several major deposits in

region: - Kittila (Agnico Eagle),- Sakatti (Anglo American)- Kevitsa (Boliden)

Excellent Infrastructure/taxation:• Daily flights to Kittila• Politically stable; • low taxation 20% corp tax;• small royalties

Aurion Resources – First Mover Advantage

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A commanding land position in CLGB; majority acquired in 2014-2017

Aamurusko

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Comparatively sized greenstone belts have log normal distribution of gold deposits as a result of long history of gold exploration; CLGB does not and that is a result of lack of exploration history and dollars

spent for gold. (After Niiranen, 2015)

Gold Endowment PotentialDistribution of greenstone gold deposits;CLGB under-represented

✓ Favourable tectonic setting and age for orogenic gold (folded Lower Proterozoic volcano-sedimentary sequence deformed in the 1.91-1.79 Ga Svecofennian orogeny)

✓ Greenschist facies metamorphism (3800 km2)

✓ Major trans-crustal scale fault (125 km long Sirkka Line) with flexures

✓ Late conglomerates spatially associated with this major fault and pull-apart basins

✓ Fe-tholeiites = good host (as at Red Lake, Timmins, Hope Bay)

✓ Komatiites (rare in Lower Proterozoic) and lamprophyres, deep mantle tapping

✓ Syenite (evidence for alkaline igneous activity)

✓ Graphitic schists (good rheologic contrast and reducing potential)

✓ Fuchsite, iron carbonate, sericite, talc, serpentine alteration (aquacludes)

✓ Terrane boundaries/regional unconformities juxtaposing different structural levels

✓ Underexplored (low drill density and generally only shallow drilling); not heavily prospected

✓ Known gold showings and deposits including Kittila (28 Mt @ 4.6 g/t Au = 4.4 M oz Au proven and probable [7.8 M ozAu all categories] as of December 31, 2016)

✓ Strong foundational government (GTK) geologic research and geodatabases exist including seismic profiles

✓ These characteristics are “hallmarks” of other prolific greenstone gold belts and thus by inference the CLGB should have much more realized gold endowment.

Favourable Geological Features of the CLGB

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(undivided)

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Kittila Mine

Kutuvuoma

Sore

Aamurusko

Ahvenjarvi

Aurion land position primarily focused on 125 km long Sirkka Shear Zone, a major fault/deformation zone recording collision between Kittila Terrane (primarily mafic volcanics) and Savukoski Terrane (primarily ultramafic volcanics and graphitic and sulfidic sediments), later oblique movement and development of pull apart basins filled by Kumpu conglomerates and quartzites; Gold mineralization (Aamurusko) is spatially associated with regional unconformities between the <1.85 Ga Kumpu Group on Kittila, Savukoski and Sodankyla Groups adjacent to the Sirkka Line

Ruoppa

Ruoppa

Aurion Land PositionRegional CLGB Unconformities and Sirkka Line

Kumpu Group

(Modified 1:200k Geology, after GTK)

Kirkland Lake Main Break

49 Mt @ 15 g/t Au

Larder lake-Cadillac Zone

40 Mt @ 8.5 g/t Au

Kumpu Group

Timiskaming Group

Aamurusko

Kutuvuoma

Ahvenjarvi

Sore

Outapaa

Kumpu Group analogous toTimiskaming Group (same scale)

Many gold prospects occur adjacent to the Sirkka Shear Zone and the adjacent late Kumpu Group (clastic seds deposited in pull apart basins). This setting’s potential for orogenic gold deposits was previously unrecognized in the CLGB. Intense prospecting of this setting ultimately led to the Aamurusko gold discovery.

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Pull apart basin

Aamurusko

Kutuvuoma

Conglomerates deposited on unconformities

Sirkka Shear Zone –Major regional deformation zone

Fault-bounded Kumpu Group Quartzite and Conglomerate: Extension –> step-over, pull apart basin

A

A’

Risti - Aamurusko Geological Setting

Kumpu Group Quartzite

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KumpuQuartzite

Kumpu Conglomerate

Primarily ultramafic rocks

Primarily mafic rocks

Gold prospects

Au

Au

Intrusions created by melting of country rocks during metamorphism; high heat flow driving hydrothermal systems

Au

Au

Au

Unconformities

A A’

Risti - Aamurusko Schematic SectionAnalogous to Timmins and Kirkland Lake

Au

Kirkland LakePull apart Timmins

Pull Apart

(After Bleeker, 2015)

• At least 72.5 million ounces of gold have been produced in Timmins Camp, from

veins within a panel of clastic rocks known as the Timiskaming Group or veins at

the base of this clastic package along an unconformity, or veins hosted by

deformed greenstones and porphyry intrusions

• All 72.5 million ounces are found within approximately 0.1 to 5.5 km of the

Porcupine-Destor Fault Zone

• In the Central Lapland Greenstone Belt, the Kumpu Group of clastics adjacent to

the Sirkka Shear Zone represents a compelling analogy to Timmins

Balmer-Confederation unconformity

Most of the gold deposits in theRed Lake Camp are proximal toregional unconformities

Major Unconformities – Red Lake

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RISTI - Significant Progress at Aamurusko

Quartzite

PolymicticConglomerate

Mafic VolcanicsUnconformity

Significant amount of high grade gold mineralization has been identified at surface.

Aurion significantly expanded the scale of the Aamurusko boulder field discovery in 2017. A total of 1210 rock samples collected averaging 24.8 g/t Au

Results from 2016 Field Program Results from 2017 Field Program

Unconformity

Unconformity

Unconformity

Aamurusko Boulder Channel Sampling

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RISTI: Emerging High Grade Gold District

Results to date:• Aamurusko:

• 1210 rock samples average 25 g/t Au (102 samples > 31 g/t Au) over 1.4 km long by 1.0 km wide NE-SW corridor

• 43.3 g/t Au over 1.65 m and 20.6 g/t Au over 2.5 m (Channel samples)

• K2 Zone (New Discovery)• 1.7 km SW along strike from

Aamurusko• Qtz boulders over 100 m

assaying up to 166 g/t Au• Notches (New Discovery)

• Beginning 3.0 km Widespread Au in qtzstockwork/breccia veins with visible gold over 5 km; assays of 420 and 622 g/t Au

• Risti NW (New Discovery)• Limited prospecting 5.5 km

NW with qtz veins assaying up to 14.1 g/t Au

To date Aurion has collected 2557 rock samples averaging 10.1 g/t Au across the Risti project. Aurion’s work to date has demonstrated regional, possibly camp scale gold potential associated with regional unconformities, a previously unrecognized setting for gold mineralization in CLGB.

Area of drilling

4 Moz Au

Same scale comparisonRisti and Pamour area, Timmins

Aamurusko

Timiskaming-type ConglomeratesRisti/Aamurusko vs Timmins (same scale)

Sirkka Shear Zone (Major Fault)

greenschist

Hoyle Pond

Risti

Kittila7.7 Moz= gold showing

= gold mine

= gold mine

Same-Scale Comparison of CLGB & Timmins

Aamurusko

CLGB, Northern Finland

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Timmins Gold Camp, Ontario

Porcupine Destor Fault Zone

72.5M oz ounces are found within approximately 0.1 to 5.5 km of the Porcupine-Destor Fault Zone

Sirkka Shear Zone is measured to 125km in length. Aurion controls 80km or ~64% of this major fault zone

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Aamurusko Drilling

Major Structure

Northwest Valley Target

Southeast Slope Break Target

Interpreted concealed structure

Big Blocks

Aamurusko: Drill Targets

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Northwest Valley Target

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Aamurusko: Northwest Valley Target

Gabbro

Clastic seds

High angle reverse fault

Polymictic conglomerate

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4.5 g/t / 1.65 mand 8.8 g/t Au / 0.55 m

Southeast Slope Break Target

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Southeast Slope Break Target

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High angle reverse fault

Large, high grade qtzblocks with crack and seal textures at base of slope

Predominantly stockwork(extensional) veins and rare, narrow <25 cm crack and seal veins

Qtz veins/stockworking

Typical quartz veining intersected in drilling; generally only weakly anomalous; lacking crack and seal texture associated with high grade blocks on surface; only narrow C&S veins intersected so far

Aamurusko: Drill Hole 18

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1.3 g/t Au over 1.0 m

Extensional vs Fault Fill Vein relationshipsKalgoorlie example

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Aamurusko, Finland

Red Lake, CanadaRed Lake, Canada

Visible gold at Aamuruskooften found along crack-sealfractures similar in style toRed Lake, Dome and DorisAu mines (Canada)

Doris, Hope Bay, Canada

Dome,Timmins

Crack-seal texture also called fault-fill, banded & ribbon. Slivers of wall rock may be included. Fractures can be filled with tourmaline, fuchsite, gold…

stylolitic

Crack and Seal Textures = High Grade

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Extensional vs Fault Fill Vein relationships

Extensional veins, Aamurusko

Fault-fill (crack and seal) veins, Aamurusko

vg

vg

Crack & Seal Texture- 6.8 g/t Au over 0.5 m DDH AM17021

High grade boulder with crack & seal and course VG

vg

vg

Crack & Seal Textures = High Grade

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Southeast Slope Break Target

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High angle reverse faultControl Structure

Large, high grade qtzblocks with crack and seal textures at base of slope

Where are the large high grade crack and seal veins that we see at surface very close to slope break (fault)?

One possible explanation is they are hosted by a concealed second order structure that is dipping shallowly to the north which would have been missed by drilling only one direction.

Solution is to drill different orientations to test model.

Qtz veins/stockwork

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Pegasus Prospect– Kundana AustraliaNorthern Star Resources

Numerous phases of drilling were conducted between 1999 and 2006. A small near-surface resource was identified on the K2 structure. Based on the 2006 drilling and the interpreted shoot orientation of steep north plunging, Pegasus was thought to have been closed off along strike with insufficient ounces per vertical metre to develop an economic underground mine.

Different orientations and plunges of ore shoots were eventually considered. This led to discovery of shallow dipping/plunging Pode ore shoot and the delineation of a >1 million ounce gold deposit at 10 g/t within a multi-million ounce gold camp.

A similar situation could easily be present at Aamurusko based on fault/shear dynamics.

An example how different orientations of veins and plunges of ore shoots can be missed by drilling only one direction

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Aamurusko Targets for Phase 2 Drilling

Northwest Valley Target

Southeast Slope Break Target

Multiple sources of high grade boulders

Ice Flow Direction

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Risti/Aamurusko

Finland Glaciation History

Glacial Ice Flow Direction in Risti/Aamurusko Area was WNW to ESE

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Risti/Aamurusko

Finland Glaciation History

Based on work of GTK the impact of glacial activity in the Risti/Aamurusko area had a limited effect –meaning little scour and limited dispersion

RistiICE DIVIDE

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Finland Glaciation History

Semi-quantitative estimates of glacial erosion in the ice divide zone provides for total glacial erosion of 8+/- 8 m. The presence of pre-glacial saprolite supports this and suggests limited scour and dispersion

Till

Pre-glacial saprolite

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Possible source area of majority of high grade qtz blocks

Qtz blocks > 5 g/t Au

Ground Mag: Reduced to Pole Tilt Derivative

Interpreted Structures

Aamurusko Targets for Phase 2 Drilling

Ice Flow Direction

Coincident Ground Gravity break , Resistivity and Mag low Anomalies and high grade qtzblocks

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Ice Flow Direction

Coincident Ground Gravity break, Resistivity Anomaly and high grade qtz blocks

Qtz blocks > 5 g/t Au

Possible source area of majority of high grade qtz blocks

Aamurusko Targets for Phase 2 Drilling

• Maiden drill program a “technical success”

• Thick zones (> 10 m) of quartz veining and stockworkingwidespread in 9 drill holes into a major structure over 1 km long

• Anomalous gold throughout with assays up to 11 g/t over 1 m

• Extensive gold along previously unexplored regional unconformities

• 2557 rock samples across entire Risti property average 10.1 g/t Au

• Robust pipeline of gold prospects to be tested

• Well funded with ~$19M in cash

• 15,000 m drill program to commence Q2

• Joint Venture partnership with B2Gold on Kutuvuoma• B2Gold to spend C$3.5 million in 2018

• Closing of JV with Kinross on Outa Prospect (grassroots)• Kinross to spend C$5 million over 5 years

Summary

- gold occurrence